Boeing (BA) investors are getting an early holiday gift. BA stock rose more than 2% in Tuesday pre-market trading after the company hiked its quarterly dividend and increased its BA stock repurchase program.
On Monday, the aerospace giant said that it would buy back $10 billion worth of additional BA stock. That’s on top of the $800 million the board has already authorized to purchase BA stock. Additional purchases of BA stock will start in January, the Associated Press notes.
Under the new authorization, the company will continue to buyback BA stock for between two to three more years.
In addition to the stock buyback, the Boeing has raised its stock dividend to 73 cents a share, up 50%. Owners of BA stock on Feb. 14, will receive the Boeing dividend on March 7.
Last month, Boeing said it was looking at a number of new sites to assemble its 777X commercial jet outside of Washington state after its machinist union rejected a contract offer that would have kept the plane’s production in the region for at least eight years.
The 777X won huge orders — worth about $100 billion — from two Middle Eastern airlines at the Dubai Air Show in mid-November.